Posted: Fri Jun 13, 2008 1:38 pm Post subject: 2nd mortg foreclosed while negotiatiing short sale
Hello all,
I have been negotiating a short sale with 2 lenders the 1st one is ready to give me an approval, I just call the 2nd and they are telling me that they forecloused yesterday. I asked who is in charge of the property they said that nobody that they closed and charge off the acct.
Can you please tell me what can i do next, i'm very confuse.
Thanks.
Sair _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
The second lender has charged off the dent but that doesn't mean that he has forgiven the debt. You still need to pay the debt. So try to pay it. Otherwise it will have a negative effect on your credit. The lender can even sell it to the collection agencies.
Feel free to ask if you have any further questions.
Sair, it would appear you need to go further into the personnel of that second mortgage lender to find someone to speak with who knows how to answer your questions.
you can't sell the house without a release of the second lien, so it's imperative that you find out how to go about satisfying those people, if they'll be satisfied at all. of course, if they've charged off your loan, it appears they recognize the likelihood they'll never get their money back.
nevertheless, you need to speak with someone to ensure you'll be able to get a release for recording at the time of your sale.
keep pressing the issue - you need to do this. _________________ George M. Akerley
Loan Consultant
860-221-5044
George is right you need to press the issue with you second lender. If they have already given up on the debt that should work to you advantage in negotiating your short sale.
Get the agreed upon price from your first lender. Then you can sell the property after you agree to pay the second lender what you are able to from the proceeds of the sale of your home. Since second lender is writing off your loan they did not anticipate receiving payment on the loan. This should work to your benefit when you tell them that you will be able to pay them some of the money you owe them.
Like George said you need to speak with the right person in the short sale department and inform them that you are in the process of completing a short sale with your first lender. _________________ Cliff Pape
Market Analyst
www.home-buddies.com
Posted: Mon Jun 16, 2008 5:26 am Post subject: RE: second loan foreclosed - negoating short sale with first
Hi Sair,
I'm surprised that the second lender could foreclose the house without the first lender's objection. The second loan has a subordinate position compared to the first. So, obviously if the second forecloses, he should pay off the first loan. But I don't think the lender did so? isn't it?
Even if the second has declared foreclosure, there is still some time prior to the sale, during which you can talk to the lender and ask him as to whether he'll pay off the first; then call up the first and explain the entire situation.
Again, you've mentioned that the second lender has issued a charge-off. So, is it that they have declared foreclosure ands finding that you couldn't pay, they charged-off the account. Well, you need to talk to the right person in the second lender's company to find out what exactly is the scenario.
Posted: Fri Sep 26, 2008 8:50 pm Post subject: collection
my house was foreclosed in the end of 2007. The first send a 1099 for 2007 in the amount of $15K. The second loan is equity plus,now I received a letter from a collection demanding to pay. What happen can they sue or garnish my check, ect.
Thanks
angel Guest
Posted: Fri Sep 26, 2008 8:54 pm Post subject: 2nd loan in collection asking for payment
What happen to this case and what choices do I or the bank have.
The property which was secured now it foreclosed since than the 2nd did not do nothing.. Tried to sell can not sale. I have so stress............
Any suggestion
P.S
The collection was offering back than 80% of the debts settlement.even that I can 'tafford it!!!!!!!!!!
I can understand how stressed you are. What I can understand from your question is that your original lender must have charged off of your loan. This means that your original lender is no more interested in collecting the loans. Rather they have sold it off to a collection agency. Thus, the collection agency is after you for collecting the debts. Its better if you can pay the loans. If not, consult the collection agency.
larry
